A CROOKED financial advisor who conned more than £1m from clients, then "blew the lot" on betting, has been told his tough jail term was not a day too long.

Nicholas Peter Ford, 40, set up a dishonest "Ponzi" scheme after being made redundant from his job in wealth management.

He raked in almost £1.3m from 18 unsuspecting victims between 2009 and 2011.

Ford, who previously worked for a legitimate investment company, had an address in Swan Bank, Hay–on–Wye, and another in Switzerland.

He told investors he was putting their nest eggs into "low risk" investment schemes involving blue chip FTSE 100 companies.

In reality, however, he "blew the lot" on feeding his gambling "addiction", London's Appeal Court heard last week.

The conman was jailed for five years four months at Chichester Crown Court in July 2014 after he admitted fraud.

Last week, Lord Justice Davis, Mrs Justice Cox and Judge Christopher Kinch QC, sitting at London's Criminal Appeal Court, heard Ford's lawyers argue his punishment was far too tough.

Mrs Justice Cox told the court: "The investments were meant to be low risk, short term, investments in FTSE 100 companies.

"In fact all of the money received was used for his own purposes in gambling".

She said Ford's dishonesty slowly dawned on victims when they asked for their money back and he repeatedly fobbed them off.

The loss of their cash had "devastating consequences for the victims", the judge added.

Throwing out Ford's complaints, Mrs Justice Cox said his punishment was "entirely appropriate."

"The sentence of five years four months cannot be said to be manifestly excessive and this appeal against sentence is dismissed," she concluded.